Australia Financial News

Australia plans to protect people from cryptocurrency collapses by forcing the platforms to get a financial services licence, the government said Monday. Any crypto exchange or digital asset platform with more than Aus$5 million (US$3.2 million) in aggregate assets would have to comply, the Treasury said in a proposal paper. About one in four Australians own some cryptocurrency, it said. Cryptocurrencies such as Bitcoin rely on decentralised cryptography to secure transactions instead of the traditional banking system. «Collapses of digital asset platforms, both locally and globally, have seen Australians lose their assets or be forced to wait their turn amongst long lines of creditors,» the Treasury said. «These reforms seek to reduce the risk of these collapses happening, by lifting the standard of their operations and increasing their oversight.» The government invited feedback on its proposal by December 1, with further consultation due in 2024 on proposed legislation. If they are required to get a licence, digital asset platforms would be governed by Australian financial services law. The law includes minimum solvency and cash reserve requirements and the need to be efficient, honest and fair, keep records, and manage conflicts of interest. The platforms would also be subject to specific standards governing their holding and transacting in cryptocurrencies.

As Bitcoin price oscillates in its valuation, showing a recent dip of 2.5% in seven days, several fundamental and geopolitical factors are coming into play to chart its future course. 

Biotechnology giant CSL argues an ageing population will help shield its business from any fallout from the explosion in Ozempic-style drugs used off-label to treat weight loss, and potentially undermining its investment in therapies targeting kidney disease.

Cryptocurrency advocates are tipping the price of bitcoin to reach $US100,000 within the next five years as approval of the first exchange-traded funds for digital assets open the floodgates to institutional investors.

Soaring energy costs have focused the minds of the nation’s captains of industry on the urgent need to decarbonise their bricks-and-mortar empires, new research has revealed.

Australian crypto exchanges have praised plans from the Australian Treasury to regulate cryptocurrency exchanges under pre-existing financial services licensing measures.

Investing.com-- Most Asian currencies fell slightly on Monday,  while the dollar retreated from recent peaks as investors continued to fret over any potential spillover from the Israel-Hamas war. 

Investing.com-- Most Asian stocks retreated on Monday as concerns over the Israel-Hamas war kept risk sentiment weak, with Japan’s Nikkei index leading losses amid jitters before key inflation data this week. 

Qantas chief executive Vanessa Hudson’s task of rebuilding the airline’s battered reputation has become even more complex, after head of loyalty and the steward of the Frequent Flyer business, Olivia Wirth, resigned.

Telstra shareholders will press new director Maxine Brenner to explain how she handled corporate governance issues while on Qantas’ board as she stands for election at the telecommunications group’s annual general meeting on Tuesday.

London/New York | PwC’s US head Tim Ryan has told partners he will leave the big four consulting firm in June, following resistance from some colleagues to his candidacy to succeed Bob Moritz as global chairman.

The Australian government has unveiled a proposal aimed at imposing stricter regulations on cryptocurrency trading platforms, with a focus on enhancing oversight of customer funds. 

Sundar Pichai had warned Google about ‘bad optics’ of Apple search partnership: ‘Have Yahoo as a choice’ The report while noting DeepMind CEO's contribution said, “Hassabis, known for his dual expertise as an AI researcher and neuroscientist, has enriched his public discourses with a unique blend of knowledge." Hassabis topped the rankings with a score of 87.33, followed by Blackstone CEO Stephen Schwarzman with a score of 74.33 and Berkshire Hathaway CEO Warren E Buffett with a score of 74. Notably, the report finds former Amazon CEO Jeff Bezos (5th sport, score of 71) and Meta platforms CEO Mark Zuckerberg (8th spot, score of 69.67) to be smarter than the world's richest man, Elon Musk who has been ranked on the 16th spot with a score of 64.33.

Hamas. Israel's shekel sank to a nearly eight-year low, after the country's prime minister, Benjamin Netanyahu, vowed to «demolish Hamas» in retaliation for the rampage on Oct. 7 that killed 1,300 people in the worst attack on civilians in Israel's history. U.S.

Click here! Pathum Nissanka, Kusal Perera, Kusal Mendis (capt, wk), Sadeera Samarawickrama, Charith Asalanka, Dhananjaya de Silva, Dunith Wellalage, Chamika Karunaratne, Maheesh Theekshana, Kasun Rajitha, Dilshan Madushanka The weather conditions in Lucknow are set to be hazy and not as hot. According to AccuWeather, there is a 4% probability of rain in Lucknow in the daytime and 65% at night.

Sensex fell 125.65 points, or 0.19%, to close at 66,282.74, while the Nifty 50 ended 42.95 points, or 0.22%, lower at 19,751.05. “The steady retail inflation in the US, the probability of further rate hikes in the US still remaining active, and the ongoing geo- political tensions, are factors that may dampen the market sentiment in the coming weeks too. But the reality of a strong domestic economy supports equities, and therefore, in any corrective downward movements it affords a significant amount of protection," said Joseph Thomas, Head of Research, Emkay Wealth Management.

Michael Ahearne, chief executive of SkyCity Entertainment, will depart the company in March as the Adelaide casino owner braces for a potential multimillion-dollar fine and the loss of its New Zealand licence.

New York-listed Albemarle has walked away from its $6.6 billion takeover bid of West Australian lithium hopeful Liontown Resources, citing the “growing complexities” of undertaking the transaction.

Businessman Mark Carnegie has painted a lurid picture of the cryptocurrency bull market of the past few years, accusing the sector of making “common cause with criminals and scumbags”.

The Australian federal government is charging forward with plans to regulate the digital asset sector at the exchange level, and may soon require cryptocurrency exchanges to hold a financial services license issued by the local financial regulator.

UEFA EURO 2024 Qualifiers are just around the corner, and football fans worldwide are eager to catch the thrilling matches. The vast appeal of these qualifiers is evident by their extensive broadcast reach, covering regions from Europe to Africa, Asia, Latin America, North America, the Middle East, and Oceania. To help you keep up with the action, here's a list of broadcast partners for several nations: United States: Fox Sports fubo TV TUDN Canada: DAZN Canada TVA Sports Australia: Optus Australia India: Sony Six United Kingdom: Channel 4 S4C Viaplay For our readers outside these major nations, here's a glimpse of where you can watch the qualifiers: Albania: Digitalb, TV Klan Germany: ARD, DAZN, RTL, ZDF Italy: Mediaset, RAI, Sky Italia Spain: TVE Turkey: Saran, TRT United Kingdom: Channel 4, S4C, Viaplay Argentina: ESPN Latin America Brazil: ESPN Brazil – Globo, ESPN Brazil China: Super Sports China Japan: DAZN Japan Saudi Arabia: beIN sports South Africa: Supersport